Kazakhmys Says Copper Output to Rise 67% in Next 5 Years

LONDON, Aug.26 (Dow Jones) -

U.K.-listed Kazakh miner Kazakhmys PLC (KAZ.LN) said Thursday its copper output should rise 67% in the next five years due to the development of new projects, to take total annual output over 500,000 metric tons.

The company currently forecasts 2010 full-year copper cathode output of 300,000 tons.

The feasibility study at Bozshakol should be complete by the end of the year and Chief Executive Oleg Novachuk said talks are continuing with Chinese company Jinchuan Group Ltd. to jointly develop the Aktogay project.

The Aktogay feasibility study should take around 12 months to complete once it is started, the company said.

In the first half 2010, Kazakhmys' copper cathode output from its own concentrate fell 3.4% to 164,300 metric tons, compared with170,100 tons in the same period a year before.

Copper accounted for 63% of the company's earnings before interest, taxation, depreciation and amortization in 2009. Kazakhmys also produces gold, zinc and silver, and generates electricity at Kazakhstan's biggest power station.